Abu Dhabi’s Al Hilal Bank Raises $500 Million From Islamic Bonds

Government-owned Al Hilal Bank PJSC raised $500 million from the sale of perpetual bonds. The Shariah-compliant securities, which don’t mature, will pay a coupon of 5.5 percent. Pricing was tightened from an original guidance of about 6 percent as bids of about $5 billion were received. Al Hilal Bank, Citigroup Inc., Emirates NBD Capital Ltd., HSBC Holdings Plc, National Bank of Abu Dhabi PJSC and Standard Chartered Plc managed Al Hilal’s bond sale. The lender has the fifth-highest investment grade rating at Moody’s Investors Service.